Vivendi SE’s Canal+ must make a mandatory offer for MultiChoice Group after it increased its shareholding in the African pay-TV business to more than 35 percent, a ruling by South Africa’s Takeover Regulation Panel has said.

According to a Bloomberg report, the takeover regulation panel gave this ruling after MultiChoice announced on February 5 that Canal+’s holdings of its issued shares exceeded the threshold South African law required for a company to make a mandatory offer to shareholders.

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According to a statement on Wednesday, the Johannesburg-based firm asked the panel to rule on whether such an offer was required. The ruling could give Canal+ fresh impetus to bring an improved offer to MultiChoice shareholders after the company’s board rejected a proposed price of 105 rand ($5.48) per share that valued the business’s shares at 46 billion rand. That price undervalued the business, MultiChoice board said.

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By Temitayo Jaiyeola • February 28, 2024

Chinwe Michael is a financial inclusion advocate and economy journalist who uses compelling storytelling to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.

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